90505 CMA # 2 and Negotiations by Dave Robinson

CMA Report Sorted by Area (asc), Price (asc)

CMA Report This Report contains the Tarpey and Melody Park Subdivisions & all GEE properties A Similar Report should be provided by your Realtor. Let’s see what this report can tell us:

Listings as of 04/16/09 at 7:43am Page 1 Property Type Residential Property Subtype Single Family Transaction Type Sale Polygon Points: Latitude 36.8015431162373 Longitude - 119.700109004974 Latitude 36.8014331546541 Longitude - 119.681625366211 Latitude 36.7795923426208 Longitude - 119.681972980499 Latitude 36.7795923426208 Longitude - 119.691727638245 Latitude 36.7908176823841 Longitude - 119.691727638245 Latitude 36.7905977282644 Longitude - 119.699555397034 Latitude 36.7904877509677 Longitude - 119.699903011322 Statuses Active, Pend w/Contingencies, Pending, Sold (1/1/2009 or after) RESIDENTIAL ACTIVE Properties Address City Map Bd Bth SqFt LotSz Year WA* Date $/SqFt DOM/CDOM Orig Price List Price 3066 Fowler (frontage) Ave Clovis 3 2 1,651 6500sf 1984 F 01/09/08 99.94 419/419 225,000 165,000 3052 Stanford Ave Clovis 3 2 1,275 7875sf 1984 03/02/09 135.29 45/45 172,500 172,500 5929 E Dayton Ave Fresno 3 1 1,008 6222sf 1960 F 04/13/09 67.46 3/3 68,000 68,000 3665 N Ezie Ave Fresno 5 2 1,457 7424sf 1971 04/15/09 52.78 1/99 76,900 76,900 4062 N Sunnyside Ave Fresno 3 1 1,008 7500sf 1962 01/10/09 104.17 96/96 120,000 105,000 5797 E Bernadine Dr Fresno 3 1 1,008 11500sf 1962 02/10/09 118.06 65/65 119,000 119,000 4511 N Manila Ave Fresno 3 2 1,100 6000sf 1963 FP 03/17/09 108.64 30/30 119,500 119,500 5976 E Lansing Way Fresno 3 2 1,285 7500sf 1970 F 03/30/09 93.39 17/17 120,000 120,000 5749 E Buckingham Way Fresno 2 1.50 1,092 8000sf FP 01/17/09 113.94 89/89 124,427 124,427 5846 E Pontiac Way Fresno 3 2 1,284 6240sf 1976 01/03/09 104.56 103/103 151,650 134,254 5959 E Saginaw Way Fresno 3 2 1,423 9048sf 1976 F 03/10/09 98.38 37/37 140,000 140,000 5765 E Bernadine Dr Fresno 3 1.75 1,477 7875sf 1963 FP 03/07/08 101.22 393/464 178,500 149,500 3242 N Stanford Ave Fresno 4 1.75 2,272 6100sf 1960 F 08/26/08 65.98 225/225 189,900 149,900 5948 E Garland Ave Fresno 3 1.75 1,200 6222sf 1969 12/05/08 124.96 132/132 149,950 149,950 5751 E Tarpey Dr Fresno 4 3 1,811 11200sf 1960 FP 03/07/09 88.29 40/40 164,900 159,900 5757 E Ashlan Ave Fresno 3 2 1,421 9600sf 1957 F 10/08/08 112.60 187/187 225,000 160,000 5779 E Tarpey Dr Fresno 3 2 1,547 6600sf 1970 F 06/10/08 161.60 310/310 250,000 250,000 Listing Count 17 Averages 1,372 103.02 129/139 152,660 139,049 High 250,000 Low 68,000 Median 140,000 PEND W/CONTINGENCIES Properties Address City Map Bd Bth SqFt LotSz Year WA* Date $/SqFt DOM/CDOM Orig Price List Price 3430 N Sunnyside Ave Clovis 3 2 1,589 7280sf 1986 F 11/18/08 100.63 237/237 169,900 159,900 2906 Ezie Ave Clovis 3 2 1,528 7500sf 1985 F 01/23/09 110.60 217/217 189,000 169,000 3505 N Stanford Ave Fresno 3 1 1,000 6710sf 1971 02/27/09 59.00 224/224 89,000 59,000 3326 N Fordham Ave Fresno 3 2 1,000 6100sf 1970 04/07/09 75.00 220/350 142,500 75,000 3742 Ezie Ave Fresno 3 1 1,100 6100sf 1973 01/25/09 71.82 226/226 139,000 79,000 5944 E Saginaw Way Fresno 3 1.75 1,124 6000sf 1976 F 02/01/09 88.97 148/148 130,000 100,000 3850 N Stanford Ave Fresno 3 1.75 1,284 0.138ac 1976 FP 04/03/09 89.56 37/37 115,000 115,000 5763 E Siverly Ln Fresno 3 2 1,726 12000sf 1958 03/20/09 80.53 114/114 160,000 139,000 Listing Count 8 Averages 1,294 84.51 178/194 141,800 111,988 High 169,000 Low 59,000 Median 107,500 PENDING Properties Address City Map Bd Bth SqFt LotSz Year WA* Date $/SqFt DOM/CDOM Orig Price List Price 1643 Holland Ave Clovis 3 1.75 1,275 7875sf 1984 02/27/09 114.43 21/21 166,900 145,900 1457 Gettysburg Ave Clovis 3 2 1,271 8040sf 1977 F 04/10/09 117.94 24/421 149,900 149,900 2925 Stanford Ave Clovis 3 2 1,446 0.180ac 1983 FP 02/23/09 111.69 14/14 161,500 161,500 3411 Sunnyside Ave Clovis 3 2 1,589 6500sf 1986 03/30/09 110.13 19/19 175,000 175,000 5967 E Fedora Ave Fresno 4 1.75 1,188 6324sf 1971 03/18/09 46.30 7/7 55,000 55,000 3739 N Ezie Ave Fresno 2 1 875 0.145ac 1973 P 02/09/09 68.46 40/396 71,900 59,900 3623 N Ezie Ave Fresno 3 1.75 1,176 7424sf 1970 04/06/09 54.42 112/582 82,500 64,000 3672 N Shirley Ave Fresno 3 1 1,133 6000sf 03/26/09 57.28 9/161 64,900 64,900 3440 N Stanford Ave Fresno 2 2 1,264 6710sf 1960 F 01/23/09 57.36 119/119 96,900 72,500 3726 N Shirley Ave Fresno 3 1 1,100 6400sf 1973 F 02/02/09 80.91 106/106 150,000 89,000 4079 N Sunnyside Ave Fresno 3 1 1,008 7500sf 1962 03/09/09 99.11 18/18 99,900 99,900 5729 E Siverly Ln Fresno 3 1.75 1,123 12500sf 1956 F 02/19/09 93.41 28/28 104,900 104,900 5892 E Dakota Fresno 3 1.75 1,230 0.161ac 1973 03/21/09 85.37 51/51 154,900 105,000 5631 E Austin Way Fresno 3 1.75 1,214 8800sf 1972 03/20/09 98.76 18/18 119,900 119,900 5859 E Lansing Way Fresno 3 1.50 1,124 6300sf 1976 F 04/03/09 106.76 30/30 120,000 120,000 3865 N Stanford Ave Fresno 3 2 1,284 6300sf 1976 P 01/28/09 109.00 94/94 165,000 139,950 3713 N Fordham Ave Fresno 3 2 1,439 6666sf 1974 F 03/19/09 100.76 3/3 145,000 145,000 5741 E Bernadine Dr Fresno 3 2 1,572 8800sf 1959 F 03/06/09 117.68 14/14 185,000 185,000 5664 E Bernadine Dr Fresno 3 2 1,404 7500sf 1962 P 03/12/09 135.33 3/3 190,000 190,000 Listing Count 19 Averages 1,248 92.90 38/111 129,426 118,276 High 190,000 Low 55,000 Median 119,900 SOLD Properties Address City Map Bd Bth SqFt LotSz Year WA* Date $/SqFt DOM/CDOM Orig Price List Price Sale Price SP % LP 3214 Ezie Ave Clovis 3 1.75 1,245 6500sf 1988 F 03/04/09 48.19 21/21 69,900 69,900 60,000 85.84 3012 Stanford Ave Clovis 3 2 1,028 7875sf 1984 FP 01/14/09 124.03 14/14 114,900 114,900 127,500 110.97 3332 Ezie Ave Clovis 3 2 1,432 7000sf 1978 03/13/09 90.78 61/61 145,000 145,000 130,000 89.66 Presented By: Jennifer Martin / Westland Realty & Invest. Inc. Phone: 559-259-8153 Information herein deemed reliable but not guaranteed. Representations are (0040 -0) Information herein deemed reliable but not guaranteed, representations are approximate, individual verification recommended. Copyright ©2009 Rapattoni Corporation. All rights reserved.

Purchasing Homes in Close Proximity Allows: 1. Saving of fuel and travel time (green!)

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2. We can control the â&#x20AC;&#x153;Compsâ&#x20AC;? and Influence Appraisals after the first one. 6 4

CMA Report Polygon method of property selection Radius method is also available Sold Date: Recent is essential Sorted by:

CMA Report Sorted by Area (asc), Price (asc) Listings as of 04/16/09 at 7:43am Page 1 Property Type Residential Property Subtype Single Family Transaction Type Sale Polygon Points: Latitude 36.8015431162373 Longitude - 119.700109004974 Latitude 36.8014331546541 Longitude - 119.681625366211 Latitude 36.7795923426208 Longitude - 119.681972980499 Latitude 36.7795923426208 Longitude - 119.691727638245 Latitude 36.7908176823841 Longitude - 119.691727638245 Latitude 36.7905977282644 Longitude - 119.699555397034 Latitude 36.7904877509677 Longitude - 119.699903011322 Statuses Active, Pend w/Contingencies, Pending, Sold (1/1/2009 or after) RESIDENTIAL ACTIVE Properties Address City Map Bd Bth SqFt LotSz Year WA* Date $/SqFt DOM/CDOM Orig Price List Price 3066 Fowler (frontage) Ave Clovis 3 2 1,651 6500sf 1984 F 01/09/08 99.94 419/419 225,000 165,000 3052 Stanford Ave Clovis 3 2 1,275 7875sf 1984 03/02/09 135.29 45/45 172,500 172,500 5929 E Dayton Ave Fresno 3 1 1,008 6222sf 1960 F 04/13/09 67.46 3/3 68,000 68,000 3665 N Ezie Ave Fresno 5 2 1,457 7424sf 1971 04/15/09 52.78 1/99 76,900 76,900 4062 N Sunnyside Ave Fresno 3 1 1,008 7500sf 1962 01/10/09 104.17 96/96 120,000 105,000 5797 E Bernadine Dr Fresno 3 1 1,008 11500sf 1962 02/10/09 118.06 65/65 119,000 119,000 4511 N Manila Ave Fresno 3 2 1,100 6000sf 1963 FP 03/17/09 108.64 30/30 119,500 119,500 5976 E Lansing Way Fresno 3 2 1,285 7500sf 1970 F 03/30/09 93.39 17/17 120,000 120,000 5749 E Buckingham Way Fresno 2 1.50 1,092 8000sf FP 01/17/09 113.94 89/89 124,427 124,427 5846 E Pontiac Way Fresno 3 2 1,284 6240sf 1976 01/03/09 104.56 103/103 151,650 134,254 5959 E Saginaw Way Fresno 3 2 1,423 9048sf 1976 F 03/10/09 98.38 37/37 140,000 140,000 5765 E Bernadine Dr Fresno 3 1.75 1,477 7875sf 1963 FP 03/07/08 101.22 393/464 178,500 149,500 3242 N Stanford Ave Fresno 4 1.75 2,272 6100sf 1960 F 08/26/08 65.98 225/225 189,900 149,900 5948 E Garland Ave Fresno 3 1.75 1,200 6222sf 1969 12/05/08 124.96 132/132 149,950 149,950 5751 E Tarpey Dr Fresno 4 3 1,811 11200sf 1960 FP 03/07/09 88.29 40/40 164,900 159,900 5757 E Ashlan Ave Fresno 3 2 1,421 9600sf 1957 F 10/08/08 112.60 187/187 225,000 160,000 5779 E Tarpey Dr Fresno 3 2 1,547 6600sf 1970 F 06/10/08 161.60 310/310 250,000 250,000 Listing Count 17 Averages 1,372 103.02 129/139 152,660 139,049 High 250,000 Low 68,000 Median 140,000 PEND W/CONTINGENCIES Properties Address City Map Bd Bth SqFt LotSz Year WA* Date $/SqFt DOM/CDOM Orig Price List Price 3430 N Sunnyside Ave Clovis 3 2 1,589 7280sf 1986 F 11/18/08 100.63 237/237 169,900 159,900 2906 Ezie Ave Clovis 3 2 1,528 7500sf 1985 F 01/23/09 110.60 217/217 189,000 169,000 3505 N Stanford Ave Fresno 3 1 1,000 6710sf 1971 02/27/09 59.00 224/224 89,000 59,000 3326 N Fordham Ave Fresno 3 2 1,000 6100sf 1970 04/07/09 75.00 220/350 142,500 75,000 3742 Ezie Ave Fresno 3 1 1,100 6100sf 1973 01/25/09 71.82 226/226 139,000 79,000 5944 E Saginaw Way Fresno 3 1.75 1,124 6000sf 1976 F 02/01/09 88.97 148/148 130,000 100,000 3850 N Stanford Ave Fresno 3 1.75 1,284 0.138ac 1976 FP 04/03/09 89.56 37/37 115,000 115,000 5763 E Siverly Ln Fresno 3 2 1,726 12000sf 1958 03/20/09 80.53 114/114 160,000 139,000 Listing Count 8 Averages 1,294 84.51 178/194 141,800 111,988 High 169,000 Low 59,000 Median 107,500 PENDING Properties Address City Map Bd Bth SqFt LotSz Year WA* Date $/SqFt DOM/CDOM Orig Price List Price 1643 Holland Ave Clovis 3 1.75 1,275 7875sf 1984 02/27/09 114.43 21/21 166,900 145,900 1457 Gettysburg Ave Clovis 3 2 1,271 8040sf 1977 F 04/10/09 117.94 24/421 149,900 149,900 2925 Stanford Ave Clovis 3 2 1,446 0.180ac 1983 FP 02/23/09 111.69 14/14 161,500 161,500 3411 Sunnyside Ave Clovis 3 2 1,589 6500sf 1986 03/30/09 110.13 19/19 175,000 175,000 5967 E Fedora Ave Fresno 4 1.75 1,188 6324sf 1971 03/18/09 46.30 7/7 55,000 55,000 3739 N Ezie Ave Fresno 2 1 875 0.145ac 1973 P 02/09/09 68.46 40/396 71,900 59,900 3623 N Ezie Ave Fresno 3 1.75 1,176 7424sf 1970 04/06/09 54.42 112/582 82,500 64,000 3672 N Shirley Ave Fresno 3 1 1,133 6000sf 03/26/09 57.28 9/161 64,900 64,900 3440 N Stanford Ave Fresno 2 2 1,264 6710sf 1960 F 01/23/09 57.36 119/119 96,900 72,500 3726 N Shirley Ave Fresno 3 1 1,100 6400sf 1973 F 02/02/09 80.91 106/106 150,000 89,000 4079 N Sunnyside Ave Fresno 3 1 1,008 7500sf 1962 03/09/09 99.11 18/18 99,900 99,900 5729 E Siverly Ln Fresno 3 1.75 1,123 12500sf 1956 F 02/19/09 93.41 28/28 104,900 104,900 5892 E Dakota Fresno 3 1.75 1,230 0.161ac 1973 03/21/09 85.37 51/51 154,900 105,000 5631 E Austin Way Fresno 3 1.75 1,214 8800sf 1972 03/20/09 98.76 18/18 119,900 119,900 5859 E Lansing Way Fresno 3 1.50 1,124 6300sf 1976 F 04/03/09 106.76 30/30 120,000 120,000 3865 N Stanford Ave Fresno 3 2 1,284 6300sf 1976 P 01/28/09 109.00 94/94 165,000 139,950 3713 N Fordham Ave Fresno 3 2 1,439 6666sf 1974 F 03/19/09 100.76 3/3 145,000 145,000 5741 E Bernadine Dr Fresno 3 2 1,572 8800sf 1959 F 03/06/09 117.68 14/14 185,000 185,000 5664 E Bernadine Dr Fresno 3 2 1,404 7500sf 1962 P 03/12/09 135.33 3/3 190,000 190,000 Listing Count 19 Averages 1,248 92.90 38/111 129,426 118,276 High 190,000 Low 55,000 Median 119,900 SOLD Properties Address City Map Bd Bth SqFt LotSz Year WA* Date $/SqFt DOM/CDOM Orig Price List Price Sale Price SP % LP 3214 Ezie Ave Clovis 3 1.75 1,245 6500sf 1988 F 03/04/09 48.19 21/21 69,900 69,900 60,000 85.84 3012 Stanford Ave Clovis 3 2 1,028 7875sf 1984 FP 01/14/09 124.03 14/14 114,900 114,900 127,500 110.97 3332 Ezie Ave Clovis 3 2 1,432 7000sf 1978 03/13/09 90.78 61/61 145,000 145,000 130,000 89.66 Presented By: Jennifer Martin / Westland Realty & Invest. Inc. Phone: 559-259-8153 Information herein deemed reliable but not guaranteed. Representations are (0040 -0) Information herein deemed reliable but not guaranteed, representations are approximate, individual verification recommended. Copyright ÂŠ2009 Rapattoni Corporation. All rights reserved.

CMA Report Active = For Sale Pending With Contingencies Pending All Contingencies Removed...Ready to close Sold (More on page 2)

CMA Report Sorted by Area (asc), Price (asc)

Bedrooms Baths Square Feet Lot Size Year Built Date (listed) Price per Sq Ft DOM Days on Market CDOM Complete Days on Market, all listings Original Price List Price (current) Sale Price Sale Price % of Listing Price

Lot Size & Year Built Can both indicate whether you are in the same subdivision. Property #1 & 2 Are 24 years newer. This explains the higher asking price Not Valid comps for The older homes.

Longitude - 119.699555397034 Latitude 36.7904877509677 Longitude - 119.699903011322 Statuses Active, Pend w/Contingencies, Pending, Sold (1/1/2009 or after) RESIDENTIAL ACTIVE Properties Address City Map Bd Bth SqFt LotSz Year WA* Date $/SqFt DOM/CDOM Orig Price List Price 3066 Fowler (frontage) Ave Clovis 3 2 1,651 6500sf 1984 F 01/09/08 99.94 419/419 225,000 165,000 3052 Stanford Ave Clovis 3 2 1,275 7875sf 1984 03/02/09 135.29 45/45 172,500 172,500 5929 E Dayton Ave Fresno 3 1 1,008 6222sf 1960 F 04/13/09 67.46 3/3 68,000 68,000 3665 N Ezie Ave Fresno 5 2 1,457 7424sf 1971 04/15/09 52.78 1/99 76,900 76,900 4062 N Sunnyside Ave Fresno 3 1 1,008 7500sf 1962 01/10/09 104.17 96/96 120,000 105,000 5797 E Bernadine Dr Fresno 3 1 1,008 11500sf 1962 02/10/09 118.06 65/65 119,000 119,000 4511 N Manila Ave Fresno 3 2 1,100 6000sf 1963 FP 03/17/09 108.64 30/30 119,500 119,500 5976 E Lansing Way Fresno 3 2 1,285 7500sf 1970 F 03/30/09 93.39 17/17 120,000 120,000 5749 E Buckingham Way Fresno 2 1.50 1,092 8000sf FP 01/17/09 113.94 89/89 124,427 124,427 5846 E Pontiac Way Fresno 3 2 1,284 6240sf 1976 01/03/09 104.56 103/103 151,650 134,254 5959 E Saginaw Way Fresno 3 2 1,423 9048sf 1976 F 03/10/09 98.38 37/37 140,000 140,000 5765 E Bernadine Dr Fresno 3 1.75 1,477 7875sf 1963 FP 03/07/08 101.22 393/464 178,500 149,500 3242 N Stanford Ave Fresno 4 1.75 2,272 6100sf 1960 F 08/26/08 65.98 225/225 189,900 149,900 5948 E Garland Ave Fresno 3 1.75 1,200 6222sf 1969 12/05/08 124.96 132/132 149,950 149,950 5751 E Tarpey Dr Fresno 4 3 1,811 11200sf 1960 FP 03/07/09 88.29 40/40 164,900 159,900 5757 E Ashlan Ave Fresno 3 2 1,421 9600sf 1957 F 10/08/08 112.60 187/187 225,000 160,000 5779 E Tarpey Dr Fresno 3 2 1,547 6600sf 1970 F 06/10/08 161.60 310/310 250,000 250,000 Listing Count 17 Averages 1,372 103.02 129/139 152,660 139,049 High 250,000 Low 68,000 Median 140,000 PEND W/CONTINGENCIES Properties Address City Map Bd Bth SqFt LotSz Year WA* Date $/SqFt DOM/CDOM Orig Price List Price 3430 N Sunnyside Ave Clovis 3 2 1,589 7280sf 1986 F 11/18/08 100.63 237/237 169,900 159,900 2906 Ezie Ave Clovis 3 2 1,528 7500sf 1985 F 01/23/09 110.60 217/217 189,000 169,000 3505 N Stanford Ave Fresno 3 1 1,000 6710sf 1971 02/27/09 59.00 224/224 89,000 59,000 3326 N Fordham Ave Fresno 3 2 1,000 6100sf 1970 04/07/09 75.00 220/350 142,500 75,000 3742 Ezie Ave Fresno 3 1 1,100 6100sf 1973 01/25/09 71.82 226/226 139,000 79,000 5944 E Saginaw Way Fresno 3 1.75 1,124 6000sf 1976 F 02/01/09 88.97 148/148 130,000 100,000 3850 N Stanford Ave Fresno 3 1.75 1,284 0.138ac 1976 FP 04/03/09 89.56 37/37 115,000 115,000 5763 E Siverly Ln Fresno 3 2 1,726 12000sf 1958 03/20/09 80.53 114/114 160,000 139,000 Listing Count 8 Averages 1,294 84.51 178/194 141,800 111,988 High 169,000 Low 59,000 Median 107,500 PENDING Properties Address City Map Bd Bth SqFt LotSz Year WA* Date $/SqFt DOM/CDOM Orig Price List Price 1643 Holland Ave Clovis 3 1.75 1,275 7875sf 1984 02/27/09 114.43 21/21 166,900 145,900 1457 Gettysburg Ave Clovis 3 2 1,271 8040sf 1977 F 04/10/09 117.94 24/421 149,900 149,900 2925 Stanford Ave Clovis 3 2 1,446 0.180ac 1983 FP 02/23/09 111.69 14/14 161,500 161,500 3411 Sunnyside Ave Clovis 3 2 1,589 6500sf 1986 03/30/09 110.13 19/19 175,000 175,000 5967 E Fedora Ave Fresno 4 1.75 1,188 6324sf 1971 03/18/09 46.30 7/7 55,000 55,000 3739 N Ezie Ave Fresno 2 1 875 0.145ac 1973 P 02/09/09 68.46 40/396 71,900 59,900 3623 N Ezie Ave Fresno 3 1.75 1,176 7424sf 1970 04/06/09 54.42 112/582 82,500 64,000 3672 N Shirley Ave Fresno 3 1 1,133 6000sf 03/26/09 57.28 9/161 64,900 64,900 3440 N Stanford Ave Fresno 2 2 1,264 6710sf 1960 F 01/23/09 57.36 119/119 96,900 72,500 3726 N Shirley Ave Fresno 3 1 1,100 6400sf 1973 F 02/02/09 80.91 106/106 150,000 89,000 4079 N Sunnyside Ave Fresno 3 1 1,008 7500sf 1962 03/09/09 99.11 18/18 99,900 99,900 5729 E Siverly Ln Fresno 3 1.75 1,123 12500sf 1956 F 02/19/09 93.41 28/28 104,900 104,900 5892 E Dakota Fresno 3 1.75 1,230 0.161ac 1973 03/21/09 85.37 51/51 154,900 105,000 5631 E Austin Way Fresno 3 1.75 1,214 8800sf 1972 03/20/09 98.76 18/18 119,900 119,900 5859 E Lansing Way Fresno 3 1.50 1,124 6300sf 1976 F 04/03/09 106.76 30/30 120,000 120,000 3865 N Stanford Ave Fresno 3 2 1,284 6300sf 1976 P 01/28/09 109.00 94/94 165,000 139,950 3713 N Fordham Ave Fresno 3 2 1,439 6666sf 1974 F 03/19/09 100.76 3/3 145,000 145,000 5741 E Bernadine Dr Fresno 3 2 1,572 8800sf 1959 F 03/06/09 117.68 14/14 185,000 185,000 5664 E Bernadine Dr Fresno 3 2 1,404 7500sf 1962 P 03/12/09 135.33 3/3 190,000 190,000 Listing Count 19 Averages 1,248 92.90 38/111 129,426 118,276 High 190,000 Low 55,000 Median 119,900 SOLD Properties Address City Map Bd Bth SqFt LotSz Year WA* Date $/SqFt DOM/CDOM Orig Price List Price Sale Price SP % LP 3214 Ezie Ave Clovis 3 1.75 1,245 6500sf 1988 F 03/04/09 48.19 21/21 69,900 69,900 60,000 85.84 3012 Stanford Ave Clovis 3 2 1,028 7875sf 1984 FP 01/14/09 124.03 14/14 114,900 114,900 127,500 110.97 3332 Ezie Ave Clovis 3 2 1,432 7000sf 1978 03/13/09 90.78 61/61 145,000 145,000 130,000 89.66 Presented By: Jennifer Martin / Westland Realty & Invest. Inc. Phone: 559-259-8153 Information herein deemed reliable but not guaranteed. Representations are (0040 -0) Information herein deemed reliable but not guaranteed, representations are approximate, individual verification recommended. Copyright ÂŠ2009 Rapattoni Corporation. All rights reserved.

Price per Square Foot This is regarded by some as the most important indicator of value. Note GEE properties on Bernadine value is exceeding the neighborhood including even the 20 year newer neighborhood.

Note The Averages, Highs, Lows, and Medians, Are almost worthless because of the large numbers of bank owned properties. The two categories must be looked at separately 1. Bank Owned REOs (vacant and trashed) vs 2. Lived in “Nice Homes”

Latitude 36.7795923426208 Longitude - 119.691727638245 Latitude 36.7908176823841 Longitude - 119.691727638245 Latitude 36.7905977282644 Longitude - 119.699555397034 Latitude 36.7904877509677 Longitude - 119.699903011322 Statuses Active, Pend w/Contingencies, Pending, Sold (1/1/2009 or after) RESIDENTIAL ACTIVE Properties Address City Map Bd Bth SqFt LotSz Year WA* Date $/SqFt DOM/CDOM Orig Price List Price 3066 Fowler (frontage) Ave Clovis 3 2 1,651 6500sf 1984 F 01/09/08 99.94 419/419 225,000 165,000 3052 Stanford Ave Clovis 3 2 1,275 7875sf 1984 03/02/09 135.29 45/45 172,500 172,500 5929 E Dayton Ave Fresno 3 1 1,008 6222sf 1960 F 04/13/09 67.46 3/3 68,000 68,000 3665 N Ezie Ave Fresno 5 2 1,457 7424sf 1971 04/15/09 52.78 1/99 76,900 76,900 4062 N Sunnyside Ave Fresno 3 1 1,008 7500sf 1962 01/10/09 104.17 96/96 120,000 105,000 5797 E Bernadine Dr Fresno 3 1 1,008 11500sf 1962 02/10/09 118.06 65/65 119,000 119,000 4511 N Manila Ave Fresno 3 2 1,100 6000sf 1963 FP 03/17/09 108.64 30/30 119,500 119,500 5976 E Lansing Way Fresno 3 2 1,285 7500sf 1970 F 03/30/09 93.39 17/17 120,000 120,000 5749 E Buckingham Way Fresno 2 1.50 1,092 8000sf FP 01/17/09 113.94 89/89 124,427 124,427 5846 E Pontiac Way Fresno 3 2 1,284 6240sf 1976 01/03/09 104.56 103/103 151,650 134,254 5959 E Saginaw Way Fresno 3 2 1,423 9048sf 1976 F 03/10/09 98.38 37/37 140,000 140,000 5765 E Bernadine Dr Fresno 3 1.75 1,477 7875sf 1963 FP 03/07/08 101.22 393/464 178,500 149,500 3242 N Stanford Ave Fresno 4 1.75 2,272 6100sf 1960 F 08/26/08 65.98 225/225 189,900 149,900 5948 E Garland Ave Fresno 3 1.75 1,200 6222sf 1969 12/05/08 124.96 132/132 149,950 149,950 5751 E Tarpey Dr Fresno 4 3 1,811 11200sf 1960 FP 03/07/09 88.29 40/40 164,900 159,900 5757 E Ashlan Ave Fresno 3 2 1,421 9600sf 1957 F 10/08/08 112.60 187/187 225,000 160,000 5779 E Tarpey Dr Fresno 3 2 1,547 6600sf 1970 F 06/10/08 161.60 310/310 250,000 250,000 Listing Count 17 Averages 1,372 103.02 129/139 152,660 139,049 High 250,000 Low 68,000 Median 140,000 PEND W/CONTINGENCIES Properties Address City Map Bd Bth SqFt LotSz Year WA* Date $/SqFt DOM/CDOM Orig Price List Price 3430 N Sunnyside Ave Clovis 3 2 1,589 7280sf 1986 F 11/18/08 100.63 237/237 169,900 159,900 2906 Ezie Ave Clovis 3 2 1,528 7500sf 1985 F 01/23/09 110.60 217/217 189,000 169,000 3505 N Stanford Ave Fresno 3 1 1,000 6710sf 1971 02/27/09 59.00 224/224 89,000 59,000 3326 N Fordham Ave Fresno 3 2 1,000 6100sf 1970 04/07/09 75.00 220/350 142,500 75,000 3742 Ezie Ave Fresno 3 1 1,100 6100sf 1973 01/25/09 71.82 226/226 139,000 79,000 5944 E Saginaw Way Fresno 3 1.75 1,124 6000sf 1976 F 02/01/09 88.97 148/148 130,000 100,000 3850 N Stanford Ave Fresno 3 1.75 1,284 0.138ac 1976 FP 04/03/09 89.56 37/37 115,000 115,000 5763 E Siverly Ln Fresno 3 2 1,726 12000sf 1958 03/20/09 80.53 114/114 160,000 139,000 Listing Count 8 Averages 1,294 84.51 178/194 141,800 111,988 High 169,000 Low 59,000 Median 107,500 PENDING Properties Address City Map Bd Bth SqFt LotSz Year WA* Date $/SqFt DOM/CDOM Orig Price List Price 1643 Holland Ave Clovis 3 1.75 1,275 7875sf 1984 02/27/09 114.43 21/21 166,900 145,900 1457 Gettysburg Ave Clovis 3 2 1,271 8040sf 1977 F 04/10/09 117.94 24/421 149,900 149,900 2925 Stanford Ave Clovis 3 2 1,446 0.180ac 1983 FP 02/23/09 111.69 14/14 161,500 161,500 3411 Sunnyside Ave Clovis 3 2 1,589 6500sf 1986 03/30/09 110.13 19/19 175,000 175,000 5967 E Fedora Ave Fresno 4 1.75 1,188 6324sf 1971 03/18/09 46.30 7/7 55,000 55,000 3739 N Ezie Ave Fresno 2 1 875 0.145ac 1973 P 02/09/09 68.46 40/396 71,900 59,900 3623 N Ezie Ave Fresno 3 1.75 1,176 7424sf 1970 04/06/09 54.42 112/582 82,500 64,000 3672 N Shirley Ave Fresno 3 1 1,133 6000sf 03/26/09 57.28 9/161 64,900 64,900 3440 N Stanford Ave Fresno 2 2 1,264 6710sf 1960 F 01/23/09 57.36 119/119 96,900 72,500 3726 N Shirley Ave Fresno 3 1 1,100 6400sf 1973 F 02/02/09 80.91 106/106 150,000 89,000 4079 N Sunnyside Ave Fresno 3 1 1,008 7500sf 1962 03/09/09 99.11 18/18 99,900 99,900 5729 E Siverly Ln Fresno 3 1.75 1,123 12500sf 1956 F 02/19/09 93.41 28/28 104,900 104,900 5892 E Dakota Fresno 3 1.75 1,230 0.161ac 1973 03/21/09 85.37 51/51 154,900 105,000 5631 E Austin Way Fresno 3 1.75 1,214 8800sf 1972 03/20/09 98.76 18/18 119,900 119,900 5859 E Lansing Way Fresno 3 1.50 1,124 6300sf 1976 F 04/03/09 106.76 30/30 120,000 120,000 3865 N Stanford Ave Fresno 3 2 1,284 6300sf 1976 P 01/28/09 109.00 94/94 165,000 139,950 3713 N Fordham Ave Fresno 3 2 1,439 6666sf 1974 F 03/19/09 100.76 3/3 145,000 145,000 5741 E Bernadine Dr Fresno 3 2 1,572 8800sf 1959 F 03/06/09 117.68 14/14 185,000 185,000 5664 E Bernadine Dr Fresno 3 2 1,404 7500sf 1962 P 03/12/09 135.33 3/3 190,000 190,000 Listing Count 19 Averages 1,248 92.90 38/111 129,426 118,276 High 190,000 Low 55,000 Median 119,900 SOLD Properties Address City Map Bd Bth SqFt LotSz Year WA* Date $/SqFt DOM/CDOM Orig Price List Price Sale Price SP % LP 3214 Ezie Ave Clovis 3 1.75 1,245 6500sf 1988 F 03/04/09 48.19 21/21 69,900 69,900 60,000 85.84 3012 Stanford Ave Clovis 3 2 1,028 7875sf 1984 FP 01/14/09 124.03 14/14 114,900 114,900 127,500 110.97 3332 Ezie Ave Clovis 3 2 1,432 7000sf 1978 03/13/09 90.78 61/61 145,000 145,000 130,000 89.66 Presented By: Jennifer Martin / Westland Realty & Invest. Inc. Phone: 559-259-8153 Information herein deemed reliable but not guaranteed. Representations are (0040 -0) Information herein deemed reliable but not guaranteed, representations are approximate, individual verification recommended. Copyright ©2009 Rapattoni Corporation. All rights reserved.

Separating out the REOs from the Nice Lived in Homes and especially from our EnergyWise Renovated Homes with Wow! And Done! In the minds of the Buyers, and Appraisers Is the Job #1 of our sales and marketing efforts.

Page 2 of CMA Report GEE property on 3328 Purdue actually sold at 143,500 (3500 was EEM, Energy Efficient Mortgage) It is the highest price per square foot and raises the whole neighborhoodâ&#x20AC;&#x2122;s value

CMA Report

Listings as of 04/16/09 at 7:43am Page 2 Property Type Residential Property Subtype Single Family Transaction Type Sale Polygon Points: Latitude 36.8015431162373 Longitude - 119.700109004974 Latitude 36.8014331546541 Longitude - 119.681625366211 Latitude 36.7795923426208 Longitude - 119.681972980499 Latitude 36.7795923426208 Longitude - 119.691727638245 Latitude 36.7908176823841 Longitude - 119.691727638245 Latitude 36.7905977282644 Longitude - 119.699555397034 Latitude 36.7904877509677 Longitude - 119.699903011322 Statuses Active, Pend w/Contingencies, Pending, Sold (1/1/2009 or after) RESIDENTIAL SOLD Properties Address City Map Bd Bth SqFt LotSz Year WA* Date $/SqFt DOM/CDOM Orig Price List Price Sale Price SP % LP 1688 Holland Ave Clovis 3 1.75 1,275 6200sf 1984 03/06/09 104.31 25/25 131,500 131,500 133,000 101.14 3175 Stanford Ave Clovis 3 2 1,476 1985 F 03/11/09 94.85 3/3 139,900 139,900 140,000 100.07 3217 Fordham Ave Clovis 3 2 1,455 7425sf 1988 03/27/09 99.66 141/141 165,000 165,000 145,000 87.88 1754 Ashcroft Ave Clovis 3 1.75 1,762 7930sf 1985 F 03/20/09 85.13 6/6 155,000 155,000 150,000 96.77 3012 Fowler Ave Clovis 4 2 1,820 10000sf 1984 F 01/22/09 85.71 58/58 160,000 160,000 156,000 97.50 1497 Holland Ave Clovis 3 2 1,651 7350sf 01/28/09 95.09 17/17 137,500 137,500 157,000 114.18 3150 Bundy Ave Clovis 3 2 1,535 6882sf 1985 F 01/09/09 104.23 41/41 174,500 174,500 160,000 91.69 1759 Ashcroft Ave Clovis 3 2 1,476 7995sf 1985 F 01/21/09 108.40 19/19 174,900 174,900 160,000 91.48 3229 Bundy Ave Clovis 3 2 1,456 6500sf 1988 F 04/15/09 113.32 5/5 169,900 169,900 165,000 97.12 3347 N Fordham Ave Fresno 4 1.50 1,161 6000sf 1970 02/13/09 60.29 4/4 74,900 74,900 70,000 93.46 3332 N Ezie Ave Fresno 3 2 1,362 7076sf 1960 F 01/21/09 51.40 44/44 72,900 72,900 70,000 96.02 4542 N Argyle Fresno 2 1 864 0.140ac 1962 03/12/09 84.49 389/389 170,000 79,900 73,000 91.36 4404 N Eddy Ave Fresno 4 2 1,250 14000sf 1960 F 03/20/09 60.00 8/8 79,800 79,800 75,000 93.98 5968 E Garland Ave Fresno 3 2 1,056 6324sf 1970 04/14/09 74.81 47/47 100,000 79,000 79,000 100.00 5946 E Dakota Ave Fresno 3 2 1,410 5500sf 1973 FP 01/26/09 61.70 118/133 127,300 94,900 87,000 91.68 5877 E Pontiac Way Fresno 3 2 1,400 6600sf 1976 F 03/16/09 64.21 2/2 179,000 89,900 89,900 100.00 4503 N Eddy Ave Fresno 3 2 1,156 6300sf 1960 F 03/30/09 82.18 127/127 124,900 98,900 95,000 96.06 4031 N Judy Ave Fresno 4 2 1,508 9775sf 1963 01/16/09 66.31 100/100 169,000 103,000 100,000 97.09 5942 E Robinson Ave Fresno 3 2 1,590 6100sf 1973 F 02/02/09 62.89 63/147 124,900 104,900 100,000 95.33 4444 N Duke Ave Fresno 3 2 1,033 6000sf 1960 F 01/02/09 98.74 17/112 110,900 110,900 102,000 91.97 5975 E Dakota Ave Fresno 3 1.50 1,354 6420sf 1973 P 01/07/09 77.55 27/27 97,500 97,500 105,000 107.69 5991 E Pontiac Way Fresno 3 1.75 1,284 11786sf 1977 F 03/16/09 85.59 28/28 109,900 109,900 109,900 100.00 3529 N Stanford Ave Fresno 5 2 1,485 6710sf 1971 02/25/09 77.44 35/35 109,900 109,900 115,000 104.64 3751 N Miami Ave Fresno 3 2 1,439 6400sf 1974 P 01/28/09 82.70 20/20 119,900 119,900 119,000 99.25 5768 E Bernadine Dr Fresno 3 2 1,225 8000sf 1957 FP 03/30/09 97.14 19/19 105,500 105,500 119,000 112.80 3328 N Purdue Ave Fresno 4 2 1,161 6000sf 1972 04/06/09 120.59 1/1 145,000 145,000 140,000 96.55 5947 E Ramona Ave Fresno 3 2 1,410 9350sf 1973 F 03/10/09 105.67 44/44 149,000 149,000 149,000 100.00 Listing Count 30 Averages 1,359 85.58 50/57 130,277 118,790 116,043 97.69 High 165,000 Low 60,000 Median 117,000 Report Count 74 Report Averages 1,326 91.35 79/104 136,446 122,577 116,043 Presented By: Jennifer Martin / Westland Realty & Invest. Inc. Phone: 559-259-8153 Information herein deemed reliable but not guaranteed. Representations are (0040 -0) Information herein deemed reliable but not guaranteed, representations are approximate, individual verification recommended. Copyright ÂŠ2009 Rapattoni Corporation. All rights reserved.

Text

#5 3322 N Ezie is in renovation right now. It is pre sold for 165,000, a new neighborhood high

Let’s look at a negotiation in progress 3326 N Fordham Long time on market Dropped from 142 to 75,000 We negotiated to 67,500 Now in Due Dilligence Inspection phase

CMA Report Sorted by Area (asc), Price (asc)

Due Dilligence: Home Inspection Sewer Line Inspection Termite Inspection Roof Inspsection HVAC Inspection You only need the “approval of inspections” clause. Note: If you cite inspections, you have to provide them.

Although the inspections weren’t too bad, we determined that our maximum will be $55,000. Reasons 1. 5967 e Fedora, which we just bought for 51,500. And it’s larger and a 4 bedroom instead of a 3 bedroom (200 yards distant) It also already has LoE2 windows.

5779 E Tarpey Dr Listing Count 17

Reason # 2 Our final sale at 3328 n Purdue for 143,500 We paid 70,000 It has 161 more feet 4 beds vs 3 2 car gar vs 1

Fresno

3 Averages

2 1,547 6600sf 1970 F 1,372 High 250,000

06/10/08

161.60 103.02 Low 68,000

310/310 129/139

250,000 152,660

250,000 139,049 Median 140,000

PEND W/CONTINGENCIES Properties Address City Map Bd Bth SqFt LotSz Year WA* Date $/SqFt DOM/CDOM Orig Price List Price 3430 N Sunnyside Ave Clovis 3 2 1,589 7280sf 1986 F 11/18/08 100.63 237/237 169,900 159,900 2906 Ezie Ave Clovis 3 2 1,528 7500sf 1985 F 01/23/09 110.60 217/217 189,000 169,000 3505 N Stanford Ave Fresno 3 1 1,000 6710sf 1971 02/27/09 59.00 224/224 89,000 59,000 3326 N Fordham Ave Fresno 3 2 1,000 6100sf 1970 04/07/09 75.00 220/350 142,500 75,000 3742 Ezie Ave Fresno 3 1 1,100 6100sf 1973 01/25/09 71.82 226/226 139,000 79,000 5944 E Saginaw Way Fresno 3 1.75 1,124 6000sf 1976 F 02/01/09 88.97 148/148 130,000 100,000 3850 N Stanford Ave Fresno 3 1.75 1,284 0.138ac 1976 FP 04/03/09 89.56 37/37 115,000 115,000 5763 E Siverly Ln Fresno 3 2 1,726 12000sf 1958 03/20/09 80.53 114/114 160,000 139,000 Listing Count 8 Averages 1,294 84.51 178/194 141,800 111,988 High 169,000 Low 59,000 Median 107,500 PENDING Properties Address City Map Bd Bth SqFt LotSz Year WA* Date $/SqFt DOM/CDOM Orig Price List Price 1643 Holland Ave Clovis 3 1.75 1,275 7875sf 1984 02/27/09 114.43 21/21 166,900 145,900 1457 Gettysburg Ave Clovis 3 2 1,271 8040sf 1977 F 04/10/09 117.94 24/421 149,900 149,900 2925 Stanford Ave Clovis 3 2 1,446 0.180ac 1983 FP 02/23/09 111.69 14/14 161,500 161,500 3411 Sunnyside Ave Clovis 3 2 1,589 6500sf 1986 03/30/09 110.13 19/19 175,000 175,000 5967 E Fedora Ave Fresno 4 1.75 1,188 6324sf 1971 03/18/09 46.30 7/7 55,000 55,000 3739 N Ezie Ave Fresno 2 1 875 0.145ac 1973 P 02/09/09 68.46 40/396 71,900 59,900 3623 N Ezie Ave Fresno 3 1.75 1,176 7424sf 1970 04/06/09 54.42 112/582 82,500 64,000 3672 N Shirley Ave Fresno 3 1 1,133 6000sf 03/26/09 57.28 9/161 64,900 64,900 3440 N Stanford Ave Fresno 2 2 1,264 6710sf 1960 F 01/23/09 57.36 119/119 96,900 72,500 3726 N Shirley Ave Fresno 3 1 1,100 6400sf 1973 F 02/02/09 80.91 106/106 150,000 89,000 4079 N Sunnyside Ave Fresno 3 1 1,008 7500sf 1962 03/09/09 99.11 18/18 99,900 99,900 5729 E Siverly Ln Fresno 3 1.75 1,123 12500sf 1956 F 02/19/09 93.41 28/28 104,900 104,900 5892 E Dakota Fresno 3 1.75 1,230 0.161ac 1973 03/21/09 85.37 51/51 154,900 105,000 5631 E Austin Way Fresno 3 1.75 1,214 8800sf 1972 03/20/09 98.76 18/18 119,900 119,900 5859 E Lansing Way Fresno 3 1.50 1,124 6300sf 1976 F 04/03/09 106.76 30/30 120,000 120,000 3865 N Stanford Ave Fresno 3 2 1,284 6300sf 1976 P 01/28/09 109.00 94/94 165,000 139,950 3713 N Fordham Ave Fresno 3 2 1,439 6666sf 1974 F 03/19/09 100.76 3/3 145,000 145,000 5741 E Bernadine Dr Fresno 3 2 1,572 8800sf 1959 F 03/06/09 117.68 14/14 185,000 185,000 5664 E Bernadine Dr Fresno 3 2 1,404 7500sf 1962 P 03/12/09 135.33 3/3 190,000 190,000 Listing Count 19 Averages 1,248 92.90 38/111 129,426 118,276 High 190,000 Low 55,000 Median 119,900 SOLD Properties Address City Map Bd Bth SqFt LotSz Year WA* Date $/SqFt DOM/CDOM Orig Price List Price Sale Price SP % L 3214 Ezie Ave Clovis 3 1.75 1,245 6500sf 1988 F 03/04/09 48.19 21/21 69,900 69,900 60,000 85. 3012 Stanford Ave Clovis 3 2 1,028 7875sf 1984 FP 01/14/09 124.03 14/14 114,900 114,900 127,500 110. 3332 Ezie Ave Clovis 3 2 1,432 7000sf 1978 03/13/09 90.78 61/61 145,000 145,000 130,000 89. Presented By: Jennifer Martin / Westland Realty & Invest. Inc. Phone: 559-259-8153 Information herein deemed reliable but not guaranteed. Representations are (0040 Information herein deemed reliable but not guaranteed, representations are approximate, individual verification recommended. Listings as of 04/16/09 at 7:43am Page 2 Copyright ÂŠ2009 Rapattoni Corporation. All rights reserved. Property Type Residential Property Subtype Single Family Transaction Type Sale Polygon Points: Latitude 36.8015431162373 Longitude - 119.700109004974 Latitude 36.8014331546541 Longitude - 119.681625366211 Latitude 36.7795923426208 Longitude - 119.681972980499

CMA Report

Latitude 36.7795923426208 Longitude - 119.691727638245 Latitude 36.7908176823841 Longitude - 119.691727638245 Latitude 36.7905977282644

So we had our realtor communicate our top offer of $55,000

5779 E Tarpey Dr Listing Count 17

Negotiation in Progress The bank refused to drop to 55. So we cancelled the escrow. They have already sat on it for 350 days. They’ve decided to sit a little longer. Our next offer will be at $48,000 but with no contingencies.

Fresno

3 Averages

2 1,547 6600sf 1970 F 1,372 High 250,000

06/10/08

161.60 103.02 Low 68,000

310/310 129/139

250,000 152,660

250,000 139,049 Median 140,000

PEND W/CONTINGENCIES Properties Address City Map Bd Bth SqFt LotSz Year WA* Date $/SqFt DOM/CDOM Orig Price List Price 3430 N Sunnyside Ave Clovis 3 2 1,589 7280sf 1986 F 11/18/08 100.63 237/237 169,900 159,900 2906 Ezie Ave Clovis 3 2 1,528 7500sf 1985 F 01/23/09 110.60 217/217 189,000 169,000 3505 N Stanford Ave Fresno 3 1 1,000 6710sf 1971 02/27/09 59.00 224/224 89,000 59,000 3326 N Fordham Ave Fresno 3 2 1,000 6100sf 1970 04/07/09 75.00 220/350 142,500 75,000 3742 Ezie Ave Fresno 3 1 1,100 6100sf 1973 01/25/09 71.82 226/226 139,000 79,000 5944 E Saginaw Way Fresno 3 1.75 1,124 6000sf 1976 F 02/01/09 88.97 148/148 130,000 100,000 3850 N Stanford Ave Fresno 3 1.75 1,284 0.138ac 1976 FP 04/03/09 89.56 37/37 115,000 115,000 5763 E Siverly Ln Fresno 3 2 1,726 12000sf 1958 03/20/09 80.53 114/114 160,000 139,000 Listing Count 8 Averages 1,294 84.51 178/194 141,800 111,988 High 169,000 Low 59,000 Median 107,500 PENDING Properties Address City Map Bd Bth SqFt LotSz Year WA* Date $/SqFt DOM/CDOM Orig Price List Price 1643 Holland Ave Clovis 3 1.75 1,275 7875sf 1984 02/27/09 114.43 21/21 166,900 145,900 1457 Gettysburg Ave Clovis 3 2 1,271 8040sf 1977 F 04/10/09 117.94 24/421 149,900 149,900 2925 Stanford Ave Clovis 3 2 1,446 0.180ac 1983 FP 02/23/09 111.69 14/14 161,500 161,500 3411 Sunnyside Ave Clovis 3 2 1,589 6500sf 1986 03/30/09 110.13 19/19 175,000 175,000 5967 E Fedora Ave Fresno 4 1.75 1,188 6324sf 1971 03/18/09 46.30 7/7 55,000 55,000 3739 N Ezie Ave Fresno 2 1 875 0.145ac 1973 P 02/09/09 68.46 40/396 71,900 59,900 3623 N Ezie Ave Fresno 3 1.75 1,176 7424sf 1970 04/06/09 54.42 112/582 82,500 64,000 3672 N Shirley Ave Fresno 3 1 1,133 6000sf 03/26/09 57.28 9/161 64,900 64,900 3440 N Stanford Ave Fresno 2 2 1,264 6710sf 1960 F 01/23/09 57.36 119/119 96,900 72,500 3726 N Shirley Ave Fresno 3 1 1,100 6400sf 1973 F 02/02/09 80.91 106/106 150,000 89,000 4079 N Sunnyside Ave Fresno 3 1 1,008 7500sf 1962 03/09/09 99.11 18/18 99,900 99,900 5729 E Siverly Ln Fresno 3 1.75 1,123 12500sf 1956 F 02/19/09 93.41 28/28 104,900 104,900 5892 E Dakota Fresno 3 1.75 1,230 0.161ac 1973 03/21/09 85.37 51/51 154,900 105,000 5631 E Austin Way Fresno 3 1.75 1,214 8800sf 1972 03/20/09 98.76 18/18 119,900 119,900 5859 E Lansing Way Fresno 3 1.50 1,124 6300sf 1976 F 04/03/09 106.76 30/30 120,000 120,000 3865 N Stanford Ave Fresno 3 2 1,284 6300sf 1976 P 01/28/09 109.00 94/94 165,000 139,950 3713 N Fordham Ave Fresno 3 2 1,439 6666sf 1974 F 03/19/09 100.76 3/3 145,000 145,000 5741 E Bernadine Dr Fresno 3 2 1,572 8800sf 1959 F 03/06/09 117.68 14/14 185,000 185,000 5664 E Bernadine Dr Fresno 3 2 1,404 7500sf 1962 P 03/12/09 135.33 3/3 190,000 190,000 Listing Count 19 Averages 1,248 92.90 38/111 129,426 118,276 High 190,000 Low 55,000 Median 119,900 SOLD Properties Address City Map Bd Bth SqFt LotSz Year WA* Date $/SqFt DOM/CDOM Orig Price List Price Sale Price SP % L 3214 Ezie Ave Clovis 3 1.75 1,245 6500sf 1988 F 03/04/09 48.19 21/21 69,900 69,900 60,000 85. 3012 Stanford Ave Clovis 3 2 1,028 7875sf 1984 FP 01/14/09 124.03 14/14 114,900 114,900 127,500 110. 3332 Ezie Ave Clovis 3 2 1,432 7000sf 1978 03/13/09 90.78 61/61 145,000 145,000 130,000 89. Presented By: Jennifer Martin / Westland Realty & Invest. Inc. Phone: 559-259-8153 Information herein deemed reliable but not guaranteed. Representations are (0040 Information herein deemed reliable but not guaranteed, representations are approximate, individual verification recommended. Listings as of 04/16/09 at 7:43am Page 2 Copyright ©2009 Rapattoni Corporation. All rights reserved. Property Type Residential Property Subtype Single Family Transaction Type Sale Polygon Points: Latitude 36.8015431162373 Longitude - 119.700109004974 Latitude 36.8014331546541 Longitude - 119.681625366211 Latitude 36.7795923426208 Longitude - 119.681972980499

CMA Report

5779 E Tarpey Dr Listing Count 17

Lessons. 1. Know the end before you begin. Know what the finished project will sell for and your net before you offer 2. Dont get emotionally involved. Be ready to walk away. 3. It helps that we dont “need” this one to keep crews busy

Fresno

3 Averages

2 1,547 6600sf 1970 F 1,372 High 250,000

06/10/08

161.60 103.02 Low 68,000

310/310 129/139

250,000 152,660

250,000 139,049 Median 140,000

PEND W/CONTINGENCIES Properties Address City Map Bd Bth SqFt LotSz Year WA* Date $/SqFt DOM/CDOM Orig Price List Price 3430 N Sunnyside Ave Clovis 3 2 1,589 7280sf 1986 F 11/18/08 100.63 237/237 169,900 159,900 2906 Ezie Ave Clovis 3 2 1,528 7500sf 1985 F 01/23/09 110.60 217/217 189,000 169,000 3505 N Stanford Ave Fresno 3 1 1,000 6710sf 1971 02/27/09 59.00 224/224 89,000 59,000 3326 N Fordham Ave Fresno 3 2 1,000 6100sf 1970 04/07/09 75.00 220/350 142,500 75,000 3742 Ezie Ave Fresno 3 1 1,100 6100sf 1973 01/25/09 71.82 226/226 139,000 79,000 5944 E Saginaw Way Fresno 3 1.75 1,124 6000sf 1976 F 02/01/09 88.97 148/148 130,000 100,000 3850 N Stanford Ave Fresno 3 1.75 1,284 0.138ac 1976 FP 04/03/09 89.56 37/37 115,000 115,000 5763 E Siverly Ln Fresno 3 2 1,726 12000sf 1958 03/20/09 80.53 114/114 160,000 139,000 Listing Count 8 Averages 1,294 84.51 178/194 141,800 111,988 High 169,000 Low 59,000 Median 107,500 PENDING Properties Address City Map Bd Bth SqFt LotSz Year WA* Date $/SqFt DOM/CDOM Orig Price List Price 1643 Holland Ave Clovis 3 1.75 1,275 7875sf 1984 02/27/09 114.43 21/21 166,900 145,900 1457 Gettysburg Ave Clovis 3 2 1,271 8040sf 1977 F 04/10/09 117.94 24/421 149,900 149,900 2925 Stanford Ave Clovis 3 2 1,446 0.180ac 1983 FP 02/23/09 111.69 14/14 161,500 161,500 3411 Sunnyside Ave Clovis 3 2 1,589 6500sf 1986 03/30/09 110.13 19/19 175,000 175,000 5967 E Fedora Ave Fresno 4 1.75 1,188 6324sf 1971 03/18/09 46.30 7/7 55,000 55,000 3739 N Ezie Ave Fresno 2 1 875 0.145ac 1973 P 02/09/09 68.46 40/396 71,900 59,900 3623 N Ezie Ave Fresno 3 1.75 1,176 7424sf 1970 04/06/09 54.42 112/582 82,500 64,000 3672 N Shirley Ave Fresno 3 1 1,133 6000sf 03/26/09 57.28 9/161 64,900 64,900 3440 N Stanford Ave Fresno 2 2 1,264 6710sf 1960 F 01/23/09 57.36 119/119 96,900 72,500 3726 N Shirley Ave Fresno 3 1 1,100 6400sf 1973 F 02/02/09 80.91 106/106 150,000 89,000 4079 N Sunnyside Ave Fresno 3 1 1,008 7500sf 1962 03/09/09 99.11 18/18 99,900 99,900 5729 E Siverly Ln Fresno 3 1.75 1,123 12500sf 1956 F 02/19/09 93.41 28/28 104,900 104,900 5892 E Dakota Fresno 3 1.75 1,230 0.161ac 1973 03/21/09 85.37 51/51 154,900 105,000 5631 E Austin Way Fresno 3 1.75 1,214 8800sf 1972 03/20/09 98.76 18/18 119,900 119,900 5859 E Lansing Way Fresno 3 1.50 1,124 6300sf 1976 F 04/03/09 106.76 30/30 120,000 120,000 3865 N Stanford Ave Fresno 3 2 1,284 6300sf 1976 P 01/28/09 109.00 94/94 165,000 139,950 3713 N Fordham Ave Fresno 3 2 1,439 6666sf 1974 F 03/19/09 100.76 3/3 145,000 145,000 5741 E Bernadine Dr Fresno 3 2 1,572 8800sf 1959 F 03/06/09 117.68 14/14 185,000 185,000 5664 E Bernadine Dr Fresno 3 2 1,404 7500sf 1962 P 03/12/09 135.33 3/3 190,000 190,000 Listing Count 19 Averages 1,248 92.90 38/111 129,426 118,276 High 190,000 Low 55,000 Median 119,900 SOLD Properties Address City Map Bd Bth SqFt LotSz Year WA* Date $/SqFt DOM/CDOM Orig Price List Price Sale Price SP % L 3214 Ezie Ave Clovis 3 1.75 1,245 6500sf 1988 F 03/04/09 48.19 21/21 69,900 69,900 60,000 85. 3012 Stanford Ave Clovis 3 2 1,028 7875sf 1984 FP 01/14/09 124.03 14/14 114,900 114,900 127,500 110. 3332 Ezie Ave Clovis 3 2 1,432 7000sf 1978 03/13/09 90.78 61/61 145,000 145,000 130,000 89. Presented By: Jennifer Martin / Westland Realty & Invest. Inc. Phone: 559-259-8153 Information herein deemed reliable but not guaranteed. Representations are (0040 Information herein deemed reliable but not guaranteed, representations are approximate, individual verification recommended. Listings as of 04/16/09 at 7:43am Page 2 Copyright ©2009 Rapattoni Corporation. All rights reserved. Property Type Residential Property Subtype Single Family Transaction Type Sale Polygon Points: Latitude 36.8015431162373 Longitude - 119.700109004974 Latitude 36.8014331546541 Longitude - 119.681625366211 Latitude 36.7795923426208 Longitude - 119.681972980499

CMA Report

Do The Math After Repaired Value ARV on 3326 N Fordham is 135,000 (smaller than 3328 N Purdue, Which we sold at 143,500 ARV * .70 - Repairs = MAO (Max Allowed Offer) 135,000 * .70 = 94,500 - Repairs 45,000 = 49,500 Our next offer of 48,000 will fit perfectly 55,000 would bite into our desired profit 67,500 which the bank wants, would be disastrous 17

Do The Math #2 Total Gross Margin is 135,000 *.3 = 40,500 This is not profit! We have expenses Expenses might look like this Utilities 2000, Insurance 1000, Interest 3500 Commission 7000, Buyer points 4000 Our Closing Costs 2000, OOPs 5000 Leaving us 16,500 If we had bought at 67,500 we would work for free. We must buy right! 18

Do The Math #3 Velocity is Important In the GreenEarthEquities model we want to own the property for only 120 days from “we own it” to “they own it” This way the money is turned over 3 times a year Also we are in and out before a huge market drop could wipe us out. This requires that the projects be pre-sold Or sell very quickly when finished. That will be the subject of a future call. Questions? 19

Following are some shots of 5967 E Fedora, which you will see evolve over the next few weeks. Remember, We are looking for ugly houses, the uglier the better In OK neighborhoods. Then we â&#x20AC;&#x153;Cinderalla-ize the worst house on the block into the best house on the block 20